Pretty surprising.
We’ve all had some experience on the property ladder and while the majority of us will agree that mortgage rates and the cost of rent in Ireland is excessive, a recent survey of the property market in 378 metropolitan cities in nine countries (Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States) has revealed that Limerick has the most affordable housing.
The criterion used in this survey is known as the ‘“Median Multiple” which focuses on comparing housing affordability between various markets by looking at the price-to-income multiples for potential buyers.
Essentially, the formula is median house price divided by gross annual median household income.
The overall most affordable major metropolitan markets in 2014 were found in the United States, which had a moderate rating of 3.6.
Canada and Ireland were rated “seriously unaffordable” on 4.3 but things can always be worse, look at China and Hong Kong.
Despite Ireland being quite unaffordable as a whole, Limerick came out on top in relation to the criterion for individual cities, with Waterford further down the chart in joint 1oth.
Hat-tip to Rabble
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